GROHE, said to be Europe’s largest single-brand manufacturer and supplier of sanitary fittings, will buy 51% of JSE-listed building materials and fixtures group Distribution and Warehousing Network’s (Dawn’s) Watertech Companies subsidiary for R880m in cash.The group said on Wednesday that the effective date of the transaction would be no later than November 30, or an extended date no later than April 30 2015.Dawn said the transaction would be structured within a newly created joint venture company, Grohe Dawn Watertech Holdings, 51% owned by Grohe and 49% by Dawn.The proceeds of the transaction would be used by Dawn to repay debt and buy businesses that fitted within its core competencies, the group said.The acquisition would involve all of Dawn’s Watertech Companies, consisting of Cobra Watertech, Apex Valves South Africa, Expiro Manufacturing, Vaal Sanitaryware, Isca and Libra Bathrooms."We are extremely excited about this major step in the group’s strategy," Dawn CEO Derek Tod s...
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